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QS 6-4 Perpetual: Inventory costing with FIFO LO P1 A company reports the following beginning Inventory and two purchases for the month of January. On January 26. the company sells 340 units. Ending Inventory at January 31 totals 140 units Units Unit Cost Beginning inventory on January 1 310 $ 2.90 Purchase on January 9 76 3.10 Purchase on January 25 160 3. 24 Required: Assume the perpetual Inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Goods purchased Cost of Goods Sold Inventory Balance Date #of Cost per # of Cost per Cost of Cost per nventory units unit units unit # of units sold Goods Sold unit Balance January 1 January 9 January 25 January 26 Totals